Canadian restaurants, bars, retailers and more who originally signed contracts with DMX Music have had their accounts sold to Stingray Digital. Mood Media, which acquired DMX in 2012, announced that it sold eight thousand commercial accounts to Stingray Digital Group. The client’s contracts were sold by Mood Media for approximately $11 million USD. In the current turmoil of the largest in-store media companies, contracts that were signed by DMX customers before 2012 have seen ownership of those contracts change hands multiple times. Muzak customers have had a similarly complex past couple years, including the company’s emergence from bankruptcy in 2010 and subsequent purchase by Mood Media in 2011.

Due to the long term nature of traditional media contracts, the value of DMX Canadian accounts has earned Mood Media US$9.5 million immediately with another US$1.7 million over the next 12 months. This may be a positive change to these customers, which, according to Mood Media President and CEO Steve Richards, “are not core to our current geographic growth strategy”. This should be a welcome influx of capital for Mood Media, which has seen its stock price more than halved each of the past two years (since acquiring DMX).

Mood Media has historically been a Canadian corporation and is listed on the Toronto Stock Exchange, but moved its headquarters to DMX’s original hometown: Austin, Texas. Montreal-based Stingray has also recently purchased Dutch Broadcaster Archibald Media Group on June 13th to broaden its suite of services to include significant music television channel options in the Netherlands.

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